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A conventional loan is a mortgage that is not guaranteed or insured by the federal government.

Most conventional mortgages are knows as “conforming loans” which simply means that they meet the requirements to be sold to Fannie Mae or Freddie Mac.

Because there are several different sets of guidelines that fall under the umbrella of “conventional loans,” there’s no single set of requirements for borrowers.


Conventional loans generally have lower closing costs than government loans as they do not have upfront funding fees or mortgage insurance premiums.

Loan terms and rate types provide a little more flexibility and options.  Monthly mortgage insurance premiums can be “bought-out” (LPMI) or will naturally fall off at some point during the life of the loan.

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Conventional - Elite

The Elite program is your basic Conventional loan up to 80% loan-to-value.  Available as a Fixed or Adjustable rate with a choice of loan terms.

Conventional - Elite MI

The Elite MI program is the same program as the Elite, but allows up to 95% loan-to-value.

With any LTV over 80%, mortgage insurance is required in some form.  The mortgage insurance can be the standard monthly payment or it can be bought out at the time of closing (LPMI).

Conventional - High Balance

The Conventional High Balance loan is designed to be “jumbo buster” loan.

A standard Conventional loan but utilizes the conventional high balance limit, regardless of where the property is located.

Conventional - HomeStyle Renovation

A renovation loan can make the difference between a house and a dream home, or a house that’s desperately in need of repairs and a home that’s habitable.

With the HomeStyle Renovation loan, you can finance rehab/renovation costs into the new loan.

Home Ready / Home Possible

The HomeReady (Fannie Mae) and the Home Possible (Freddie Mac) loans are great options for a first time home buyer.

Both programs offer a 3% down payment and reduced mortgage insurance premiums.

Annual income limits apply and are based on the census tract of the property.

Check income limits here.


Conventional loans are available for Primary Residence, Second Homes, and Investments for these property types:

  • Single Family – Attached and Detached
  • Townhomes
  • Condominiums
  • Modular and Manufactured


The Federal Housing Finance Agency (FHFA) publishes annual conforming loan limits that apply to all conventional mortgages delivered to Fannie Mae and Freddie Mac.

Loan limits vary by geographic location.

The 2020 maximum loan limit for a single-family residence in all areas is $510,400.

Check loan limits here.

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